According to the latest market research study published by P&S Intelligence, the global plate-and-frame heat exchangers market is poised for steady growth, with revenue projected to increase from USD 6,871.3 million in 2024 to USD 8,912.9 million by 2030, reflecting a compound annual growth rate (CAGR) of 4.4%. This upward trajectory is primarily driven by rapid industrialization and urbanization in developing economies, which are escalating the demand for efficient heat exchange solutions across various sectors.
Europe emerged as the dominant regional market in 2022,
accounting for a substantial 40% share of the global revenue. The region is
anticipated to maintain its leading position, experiencing a CAGR of 6% during
the forecast period. This growth is attributed to the rising demand for
plate-and-frame heat exchangers in industries such as food and beverages, pulp
and paper, and power generation. Additionally, Europe's economic expansion,
bolstered by increasing wages and job creation, is expected to further fuel
market growth.
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Key Insights
- The
market's growth is primarily driven by the escalating demand for
plate-and-frame heat exchangers resulting from rapid industrialization and
urbanization in developing economies.
- Europe
held the largest share, of 40%, in 2022 in the global plate-and-frame heat
exchangers market revenue. Further, it is projected to experience a CAGR
of 6% during the forecast period due to the increasing product demand from
the food & beverages, pulp & paper, power generation, and many
other industries.
- The
European economy is expected to continue growing healthily over the
forecast period due to the rapid wage rise and ongoing job creation.
- The
global plate-and-frame heat exchangers market generated revenue of USD
6,871.3 million in the year 2024. It is further predicted to reach USD
8,912.9 million by 2030, exhibiting a CAGR of 4.4% between 2024 and 2030.
- The
market is expected to witness significant growth opportunities in
developing economies, where rapid industrialization and urbanization are
leading to increased demand for efficient heat exchange solutions.
- The
food and beverages, pulp and paper, and power generation industries are
key end-users of plate-and-frame heat exchangers, contributing
significantly to market growth.
- The
market's expansion is further supported by the ongoing economic growth in
Europe, characterized by rising wages and job creation, which boosts
industrial activities and, consequently, the demand for heat exchangers.
- The
increasing focus on energy efficiency and sustainable industrial practices
is expected to drive the adoption of plate-and-frame heat exchangers,
which are known for their high thermal efficiency and compact design.
- Technological
advancements in heat exchanger design and materials are enhancing product
performance and reliability, thereby attracting more industries to adopt
these systems.
- The
competitive landscape of the market is characterized by the presence of
several key players who are focusing on product innovation and strategic
partnerships to strengthen their market position.
